The OECD is circulating a proposal that will designate standards for the collection and exchange of tax information for crypto transactions.
The Organization for Economic Cooperation and Development is looking for input on a new proposal for crypto tax rules.
The G20 tasked the OECD with developing a framework for information sharing among crypto providers in different jurisdictions. Now, the OECD is circulating aof the first portion of its Crypto Asset Reporting Framework , an in-progress proposal that will ultimately designate standards for the collection and exchange of information during crypto transactions, particularly related to tax reporting.
Exchanges from crypto to fiat, crypto to crypto, retail payment transactions and crypto transfers are reportable transactions under the CARF. Crypto asset service providers are responsible for identifying their users, determining relevant tax jurisdictions and collecting the necessary information for that jurisdiction's tax standards.
But it goes a step further in collecting relevant tax information, like the type of crypto asset, aggregate gross amount paid and received, aggregate fair market value in comparison to other relevant assets and wallet addresses.
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